For reasons I cannot explain the bitcoin price surged in the first quarter of calendar 2023 so Argo Blockchain (ARB) prospered right? Er…wrong. Quarterlies out today are dismal and what it does not say about the current balance sheet should have shareholders running for the hills.
At the start, the February update from Argo Blockchain (ARB) looks like all the other monthly updates up until December. It gives the number of bitcoin mined, an excuse for why it is a piss poor number and then the number of bitcoin equivalent held at the period end. And then….
I explained why I expected Argo (ARB) to go bust during 2023 yesterday HERE after scallywag CEO Peter Wall jumped ship. I am not to the only bear in town. Jeremy Smith of broker Fiske does not hold back, opining:
The man who sold £3.5 million of shares at 243p AFTER sounding out folks about a placing which took place a few days later at 200p is gone. Yes, Peter Wall the CEO and ( for 18 months) “interim” chairman of Argo Blockchain (ARB) has announced his resignation with immediate effect.
Oddly, Argo Blockchain (ARB) has only now disclosed that its Helios bitcoin mining facility in Texas (now sold) was shut down by bad weather for most of December. Normal companies might have mentioned it at the time but since when did disgraced CEO Peter Wall give a FF about the rules?
So the rapidly deleted web pages from the Argo Blockchain (ARB) website, which you can see HERE, were real – it ‘fessed last night, Chapter 11 is a very real possibility. The statement will bring no comfort to the bulls bit at least it means the shares can trade again and they have duly slumped by 48% to 3.5p. That is 3.5p too high.
We still have no statement from Argo Blockchain (ARB) regarding its share suspension on Friday and a possible Chapter 11 filing. But if you think Argo has problems ( it does it is bust) have a look at its main bank, NYDIG, the company’s primary secured lender.
